SKN | Pineapple Financial Moves $1 Billion in Mortgage Records Onto Injective

• Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective as part of a plan to migrate more than $10 billion in historical loans onchain.
• The company plans to bring more than 29,000 funded mortgages onto the network, with each mortgage represented by an onchain record rather than a newly created mortgage-backed security.
• The initiative highlights the growing use of blockchain infrastructure for real-world assets, although mortgage record tokenization remains distinct from tokenized ownership of underlying loans.

Pineapple Brings Mortgage Records Onchain

Canadian mortgage lender Pineapple Financial is expanding its use of blockchain technology by placing more than $1 billion in residential mortgage records on Injective, a layer-1 blockchain designed for financial applications.

The initiative forms part of a larger plan to migrate more than 29,000 funded mortgages with a combined value exceeding $10 billion onto Injective.

Rather than creating new securities backed by the mortgages, Pineapple is representing individual mortgage records onchain and linking each record to its underlying loan file. The approach is intended to create a persistent digital record of loan information without changing the ownership structure of the mortgages themselves.

The migration illustrates a different application of real-world asset infrastructure: using blockchain as a recordkeeping and verification layer rather than directly tokenizing economic ownership.

More Than 2,000 Mortgage Records Already Migrated

The mortgage records contain more than 500 data points per loan, according to Injective. The information is designed to support verification, audit trails and risk analysis across the mortgage portfolio.

Pineapple’s dashboard currently shows 2,079 mortgage records included in the migration, up from 1,259 when the initiative launched in December 2025.

The onchain asset associated with the records, PAPL0, has a market capitalization of approximately $1.1 billion. Token Terminal data indicates that the figure has increased 48.2% over the past nine months.

Importantly, the PAPL0 tokens represent mortgage records rather than ownership interests in the underlying loans. That distinction separates Pineapple’s approach from structures in which blockchain tokens directly represent claims on real estate, investment funds or other financial assets.

Pineapple Maintains Broader Injective Relationship

The mortgage-record initiative is part of a broader relationship between Pineapple Financial and Injective.

Pineapple separately maintains a $100 million Injective digital asset treasury. The company stakes INJ held in that treasury, with Kraken serving as a primary validator for the holdings.

The combination gives Pineapple exposure to Injective both as blockchain infrastructure for its mortgage-record initiative and as a digital asset treasury strategy.

For Injective, the mortgage migration also represents an effort to establish its blockchain as infrastructure for financial data and real-world assets rather than limiting its use to decentralized trading applications.

Real Estate Tokenization Expands

Pineapple’s initiative comes as blockchain-based real estate and financial asset tokenization continues to attract institutional attention.

In June, Apex Group joined Goldman Sachs, Archax and LRC Group in developing a tokenized real estate fund. In that structure, fund shares are issued as digital tokens through Goldman Sachs’ Digital Asset Platform, giving investors blockchain-based ownership of fund interests.

Dubai has also expanded its real estate tokenization efforts. The Dubai Land Department launched the second phase of a pilot in February after approximately $5 million worth of property had been tokenized, with transactions recorded on the XRP Ledger.

These projects demonstrate the range of approaches being tested across the sector. Some initiatives tokenize ownership or investment interests, while Pineapple is using blockchain primarily to represent and track mortgage records.

Mortgage Records Remain a Small Part of the RWA Market

Despite the growth of projects such as Pineapple’s, tokenized real-world assets remain a relatively small segment of the broader financial system.

The real estate tokenization sector has approximately $226.5 million in distributed value, according to RWA.xyz, representing an 11.7% increase over 30 days. That compares with approximately $38.8 billion across tokenized real-world assets tracked by the platform.

The disparity suggests that blockchain-based asset infrastructure remains in an early stage, even as financial institutions and companies increasingly experiment with putting traditionally offchain assets and records onto distributed networks.

Outlook

Pineapple Financial’s mortgage migration demonstrates how blockchain adoption in financial services can extend beyond direct asset ownership. By putting detailed loan records onchain, the company is targeting verification, auditability and data accessibility across a large historical portfolio. The planned migration of more than $10 billion in mortgages could provide a significant test of whether blockchain-based recordkeeping can deliver practical benefits at institutional scale, while the distinction between recording assets and tokenizing ownership will remain important as the real-world asset market develops.